BELLEVILLE, ON, Nov. 24, 2014 /CNW/ - Bioniche Life Sciences Inc. (TSX: BNC PNK: BNHLF) Bioniche Life Sciences today announced the accomplishment of another major milestone in the execution of its strategic plan to become a focused late stage human therapeutics company with near term commercial potential. Effective immediately, the Company will begin operating under its new corporate name and identity, Telesta Therapeutics Inc.
Along with this name change, the Toronto Stock Exchange (TSX) will be initiating a ticker in the next week toTSX:TST fromTSX:BNC. This ticker change will be automatic and will be seamless for all current and future investors. All previously issued securities remain fully legal and valid.
Commenting on this new corporate brand, Dr. Michael Berendt, Chief Executive Officer and Chief Scientist noted that: "Our decision to implement this corporate rebranding comes on the heels of our achievements over the last 12 months to implement a concrete plan to focus our company on what we believe to be our core value driver - the commercialization of MCNA1 for the treatment of high-grade non-muscle invasive bladder cancer patients who have failed BCG therapy. This has meant the divestment of two non-core businesses, the sale of unproductive assets and the reduction of corporate overhead through a significant workforce reduction and global expenditure review. With many of those objectives achieved, it is now appropriate to move forward with a new brand and to be much more aggressive in our delivery of the new Telesta story and opportunity to our two key audiences - potential strategic and commercial partners and current and future investors."
Telesta Therapeutics will be announcing the launch of its new website in the weeks to come.
About Telesta Therapeutics Inc.
Telesta Therapeutics Inc. is a late stage human therapeutics company with near term commercial potential focused on the manufacturing, marketing and licensing/acquisition of proprietary and innovative therapies for the global human health market. The Company's primary goal is to develop and commercialize products that advance human health and increase shareholder value. For more information, please visit www.Bioniche.com. www.telestatherapeutics.com is coming soon!)
Except for historical information, this news release may contain "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws that reflect the Company's current expectation regarding future events. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while, considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are cautioned that any such forward-looking statements and information are not guarantees and there can be no assurance that such statements and information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements and information. These forward-looking statements and information involve risk and uncertainties, which may cause, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process, and other risks detailed from time to time in the Company's ongoing quarterly and annual reporting. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
1 Mycobacterium phlei cell-wall - nucleic acid complex
SOURCE: Bioniche Life Sciences Inc.
For further information:
Donald Olds, Chief Operating Officer
Telesta Therapeutics Inc.
Telephone: (613) 966-8058